Tuesday, November 3, 2020

Bran: Banks Cannot Hold Nation Hostage On Marijuana Plans

Branville McCartney

Tribune Business Editor

The Bahamas' ambitions to develop a legalised medical marijuana/hemp industry cannot be held hostage by the banking industry's concerns, an ex-Democratic National Alliance leader is arguing.

Branville McCartney, under whose leadership the DNA made legalising the sector a 2017 general election campaign issue, told Tribune Business that the well-being of the Bahamian people and their economy took priority over fears that the banks might lose their cherished US correspondent relationships.

"We need to do things in this country, and ensure the laws in this country are beneficial for this country, and not for the banks whether they are local or internationally owned," he argued.

"Those banks are making a hell of a lot of money in this country. If they want to be here, they need to follow our laws, and those laws need to be predicated on what's best for our country. If they won't do that, bye bye."

Suggesting that Bahamians were not benefiting from the commercial banking industry as presently structured, Mr McCartney added: "We need to be more prepared in this country to take a stand and move this economy forward for the benefit of the Bahamian people and not the benefit of foreign entities that come to this country.  Read more >>